GBPUSD continues its upward movement from 1.4290 and the rise extends to as high as 1.5228 level. Further rally is still possible next week. Targets are at the upper boundary of the falling price channel and 1.5522 previous high. A break above 1.5522 key resistance could indicate that the downtrend from 1.7042 (2009 high) has completed at 1.4230 already, then the following uptrend could bring price to 1.6300 area. However, as long as 1.5522 resistance holds, the bounce from 1.4230 is treated as consolidation of downtrend, one more fall to 1.4000 is still possible.
For long term analysis, GBPUSD might be forming a cycle bottom at 1.4230 level on weekly chart. Key resistance is at 1.5522, a break above this level is needed to confirm the cycle bottom.
